Apple set to lose $500 billion in value as shares tank 10% on weak forecast

Apple shares fell about 10% in intraday trading on Friday after the company's revenue growth forecast for the current quarter fell short of Wall Street expectations. If the losses hold, the drop would mark Apple's worst trading day since the COVID-19 pandemic and wipe nearly $500 billion off its market capitalisation. Apple reported record June-quarter revenue of $109.4 billion.